So whos done their taxes?
02-10-2009, 06:17 PM
#22
Elite Member
iTrader: (9)
Join Date: Aug 2006
Location: Concord, North Carolina
Posts: 4,160
Total Cats: 6
Getting a 1099?
---
Im kinda new to this whole tax thing, but if I understand it correctly one shouldn't be getting back or giving at the end of the year, optimally speaking. I mean if you owe, then you didnt have enough withheld, and if you are getting back then you had to much withheld.
---
Im kinda new to this whole tax thing, but if I understand it correctly one shouldn't be getting back or giving at the end of the year, optimally speaking. I mean if you owe, then you didnt have enough withheld, and if you are getting back then you had to much withheld.
Reply
0
0
02-10-2009, 08:42 PM
#23
mkturbo.com
iTrader: (24)
Join Date: May 2006
Location: Charleston SC
Posts: 15,176
Total Cats: 1,680
I got $500 back from federal and $40 back from VA. I did mine the day I got my w2's and had the money in my bank account less then a week later. Then it all went to visa.
Reply
0
0
02-10-2009, 09:08 PM
#25
Getting a 1099?
---
Im kinda new to this whole tax thing, but if I understand it correctly one shouldn't be getting back or giving at the end of the year, optimally speaking. I mean if you owe, then you didnt have enough withheld, and if you are getting back then you had to much withheld.
---
Im kinda new to this whole tax thing, but if I understand it correctly one shouldn't be getting back or giving at the end of the year, optimally speaking. I mean if you owe, then you didnt have enough withheld, and if you are getting back then you had to much withheld.
Reply
0
0
02-10-2009, 10:52 PM
#27
i made an appt with our accountant. our taxes are a little complicated. my tax bracket and my wifes' bracket, plus we both have a lot of itemized deductions every year. to top it off, i bought another car and we bought a home. i HOPE that tax credit applies to non-first time buyers, we have never taken stupid loans to get a house we can't afford. why should i have to pay for someone's greed?
Reply
0
0
02-11-2009, 09:08 AM
#29
I think most people could file for free. You can go to IRS.gov and click free file and it gives you a whole list of free programs you can use. I filed a full 1040, schedule a (itemized deductions), schedule d (capital gain/loss), 2106 (unreimbursed employee business expense), 8283 (charitable cont.), and student loan interest deduction, and all that was free.
Reply
0
0
02-11-2009, 10:05 AM
#30
Elite Member
Thread Starter
iTrader: (9)
Join Date: Jul 2007
Location: NYC
Posts: 5,710
Total Cats: 3
I had intended to qualify for a large tax exemption, but was not able to when i returned to the states for a extended medical visit. If i am physically present in another country 330 days a year, i can claim the foreign earned income tax exemption. For 2008 this exemption would have covered the first $85,000 of my salary.
Reply
0
0
02-11-2009, 03:07 PM
#31
Did a 1040EZ for fed and state the first week I got my W2 back. Already have the money in the bank ($1600 I think for both). Doing your own 1040EZ is much better than paying someone $600 to do your taxes like we used to when we had the business. I HATE paying lawyers, accountants, etc...
Reply
0
0
02-11-2009, 09:55 PM
#33
Senior Member
Join Date: Sep 2007
Location: Alamo City, Tejas
Posts: 771
Total Cats: 1
TurboTax ($30 option) for about a $500 refund. - Not within the +/- $200 I like to dial it in as, but close enough...
Depending upon the markets (stock and job), next year's filing might be interesting!
- L
Depending upon the markets (stock and job), next year's filing might be interesting!
- L
Reply
0
0
02-12-2009, 10:03 AM
#36
Elite Member
Thread Starter
iTrader: (9)
Join Date: Jul 2007
Location: NYC
Posts: 5,710
Total Cats: 3
That foreign earnings exemption is only if you worked abroad, received the check abroad and worked more then 330 days there.
Reply
0
0
02-13-2009, 10:02 AM
#39
Also, make sure you get the paperwork from your employer saying that you were gone when you make the claim for the exemption. You wouldn't believe how many people try to claim this every year becasue they think they can just check a couple boxes and not pay anything.
Reply
0
0
02-13-2009, 11:00 AM
#40
Elite Member
Thread Starter
iTrader: (9)
Join Date: Jul 2007
Location: NYC
Posts: 5,710
Total Cats: 3
The method in which you are paid is irrelevant. The only thing that matters is where the work was done for the payment. Be aware though that anything over $87,600 if filing as single and $175,200 if married filing jointly, you have to pay taxes on. Don't think it is a right off of all of it.
Also, make sure you get the paperwork from your employer saying that you were gone when you make the claim for the exemption. You wouldn't believe how many people try to claim this every year becasue they think they can just check a couple boxes and not pay anything.
Also, make sure you get the paperwork from your employer saying that you were gone when you make the claim for the exemption. You wouldn't believe how many people try to claim this every year becasue they think they can just check a couple boxes and not pay anything.
But if you got paid here, but worked abroad your employer still withdraws taxes from your salary, pays your benefits, and you have deductions for all the various SS and Medicares and etc. So you would have to pay taxes.
Makes sense?
Im trying to find some info online but I have no idea what to refer to it as, "foreign earnings tax exemption" doesnt work on google.
Reply
0
0
